to bring in white house correspondent, and from cnn money.gobigorgo home. what is the republican push back? >> reporter: we're going to be finding out very shortly because house speaker john boehner will take to the cameras at 1:30 eastern essentially in the rebuttal to the news conference from the president earlier today. but the push back for republicans has been tax increases. you have republicans who have insisted on no tax increases, and democrats that insisted if there will be spending cuts, to achieve trillions of dollars in deficit savings. they don't want to abandon -- if there are going to be cuts to programs that are huge, they want to be able to say we pushed for sacrifices from wealthy americans and corporations. they are trying to strike kind of a just right agreement. because on one hand, you have a lot of republicans, and many of them who were swept into power in the last election saying we're going to cut spending and make government smaller, so the idea of tax increases, and certainly this is something a lot of them literally pledged they will not do, randi, it would

people. we are not showing this to you for the sake of it. who do you know who makingabigdifferencein your community? you can nominate these heroes and they end up winning. >> making a huge difference in their communities. a good thing to see. we want to wish everybody a wonderful fourth of july weekend. hope you're safe, healthy, happy and you have a little bit of fun. >> you're off? >> i'm off watching the fireworks. >> christine and i will be here on monday. have a fantastic weekend. kyra phillips takes it over now with the "cnn newsroom." >> how about a lot of fun? come on! >> some people have to work so i felt bad! >> happy fourth of july, guys. we all will be celebrating. it's 9:00 a.m. on the east coast and 6:00 a.m. on the west coast. thank you for joining us. >>> witnesses taking the stand in the casey anthony murder trial. the judge says the case could go to the jury this weekend. >>> los alamos national lab closed fifth day as high winds make problems for fire crews. 94,000 acres have burned. lab officials say toxic materials are saving. >>> royal couple wakes

were picked up inabigfbiraid this week. the justice department says the woman is part of a collective that attacked several wreb sites. she's under a judge's orders not to use the internet except to talk to her lawyer. >>> the nikkei and hang seng closing up. kristie lu stout standing by. markets rallying on the heels of this debt bailout plan for greece. >> that's right. european leaders meeting in brussels have finally reached a deal to give greece a second bailout. that has been well received on the global stock markets, uk, french and german markets all on the rise. the nikkei in japan closed higher. the euro continued to rise further against the u.s. dollar. european policymakers believed this deal, which is worth almost a quarter of a trillion dollars will contain europe's debt crisis and give greece more breathing room. >> some say this rescue plan is not going to be enough to solve long-term problems in greece or the eurozone. >> that's right. the markets are rallying right now. there is fear among european leaders, fears that imposing losses on greece's lender

's take a look atthebigdropon wall street today. the dow closing down 198 points. about 1.5%. the nasdaq slipped 2.6%. the s&p 2%. another drop on wall street. mounting debt crisis could end up lowering the country's signature credit rating for the first time in decades. ahead, we'll lay out the severe consequences of such a move and why some say politicians here in washington are right now playing with fire. and not everyone thinks the country is approaching armageddon. why some lawmakers in congress are taking a hard line on raising the debt ceiling. stay with us. a vacation on a budget with expedia. make it work. booking a flight by itself is an uh-oh. see if we can "stitch" together a better deal. that's a hint, antoine. ooh! see what anandra did? booking your flight and hotel at the same time gets you prices hotels and airlines won't let expedia show separately. book it. major wow factor! where you book matters. expedia. ♪ you are my sunshine ♪ my only sunshine ♪ you makes me happy ♪ when skies are grey ♪ you'll never know, dear ♪ how much i love you ♪ p

the band-aid. eat our peas. >> reporter: of course, taxes remainsthebigstickingpoint. the president, though, insisting that nothing would change before 2013 so it would not happen during a difficult economic environment, but house speaker john boehner saying that there's no reason to raise taxes in order to control spending. he believes the best way to get revenue is by improving the overall economy by creating jobs. he says he is willing to get a deal done with democrats and the white house, but, in his words, it takes two to tango and they are not there yet. >> dan lothian at the white house, thanks. >>> the debt crisis overseas sending a chill through wall street this morning. less than half hour before the opening bell, u.s. stocks may be headed for another rough day. ali velshi is joining us live from new york. ali, what does it mean? >> well, you know, first of all, futures seem to be leveling out a little bit, kyra. a couple of things going on here. one as dan was just saying, we just heard from the treasury secretary who is making a speech and he says he is expecting a deal

's right. you know,thebigpointof contention yesterday was with house majority leader eric cantor pushing for this short-term deal or a series of short-term deals. the president, according to democratic sources familiar with the talks, made it clear that that is something he does not support and something he would veto. the president has, for the last few days, and certainly weeks as well, been pushing for the biggest deal possible where it it seemed to get some support. of late, it has not. the president believing if you start talking about the short-term deals, you run into the political season where you negotiate the things all over again. if you can't get this done now, how will you get this done in the thick of the political season? tense discussions yesterday. the president agitated and believing that republicans are using the debt talks to make political points. the president making the point, according to those inside the meeting, that this kind of atmosphere just confirms some of the worst fears that americans have about the way washington works. >> well, yeah. the way wa

opposition tothisbig, butthere, i predict, will be no democrat for this bill so because bipartisanship was not sought. i'm a diely concerned it would pus us right back on the praecipe of imminent default in just a few months, casting a pall of uncertainty. and leading to a job-destroying credit downgrade. >> i urge my colleagues in the name of sanity and in the name of ensuring in a we pass this measure and we send it to our colleagues in the united states senate. >> here areas a quick reality check if this bill passes the house, it's going to hit a big roadblock in the senate. senate democratic caucus, every member of that caucus has signed onto a letter say they will oppose the bill, and senate majority leader harry reid announced today they will quickly take up the bill in the senate this evening, but only to table the measure, a vote to table the measure effectively just setting it aside. that doesn't mean think couldn't take it back up if they wanted to, but it's a quick way legislative for democrats to show there is not enough support for this big to pass the senate. it brings us

and what doesn't get paid.anotherbigstoryright now, a massive and dangerous heat wave is gripping much of the nation. here's how it looks and feels across the country. take a look at the red quarter. temperatures expected to reach 104 degrees in parts of texas today, in the southeast, temperatures are expected to reach the upper 90s and more than just uncomfortable, it's dangerous. heat has already claimed the life of at least one person in illinois and adding to that, the heat is causing drought conditions in the deep south to intensify. also this morning, hundreds of thousands still without power in the chicago area after strong thunderstorms rolled through. officials warn the power there might not be back on until saturday. let's go live to rob marciano outdoors this morning, silly rob, in atlanta's piedmont park. sun still not up, so it's still probably manageable there. but a lot of the south waking up this morning to 80 degrees overnight or higher. >> yeah. that's the thing. really hasn't cooled down much overnight, ali. even if you're out before the sun comes up you're still fee

that and in exchange for some minor tweaking of medicare, but nothing that really gives the republicanstoobigawin on that issue. and they would also argue, to gloria's point earlier, that you actually need this. this is not just a win for democrats, you need it because you need democratic votes to get this through because you're going to lose so many republicans who simply won't vote to extend the debt ceiling under any circumstances. so that's the calculus if you went with the middle deal, there would be an entirely different math for a tax reform package if you went with that larger deal that's more in the $4 trillion range. >> the irony here to me is that a larger deal would in many ways be easier to cut because it's so obvious what you would have to do. if you do a smaller deal, then you have to have eric cantor lay out by piece by piece by piece, cut by cut, by cut, what he would do if you don't have the revenue side of it. >> but to get the bigger deal, you need trust that they would actually then do comprehensive tax reform, rewrite the code so the republicans would make the case we didn't

're going to run around andmakebig-->> would that question would have been asked of ron paul or any other man who might have been seen as a bit out of the mainstre mainstream? >> not using the "f" word, the flake word. if that's the extent of the case against michele bachmann, not only will it not hinder her from getting the republican nomination, if all liberals can say next year when she's a nominee that she makes over the top statements she'll be president. >> did chris wallace feel pressure to apologize? he actually called her personally. >> yes. >> the conservative audience on fox news would not like that confrontation. >> if they had to choose between chris wallace and her, they're doing with her. commentators accused of being sexist are going to need to choose their language particularly. the flake word is something in particular that people use with women more vastly than men. >> you have put the media on notice. thanks very much for joining us. >>> when we come back, the rape case against dominique strauss-kahn suddenly unravels as serious questions surf pass about the accu

the world cup final.>>bigvictoryto talk about. >> that's it for us. "cnn newsroom" begins right now with kyra phillips. you have a busy morning. >> we do. a lot to talk about. it's 9:00 a.m. on the east coast and 6:00 a.m. on the west coast. thanks for joining us. >>> the nation's debt crisis. the clock ticks and pressure builds. the president tells the congressional leaders you have 24 hours or less to make something has been. >>> a top murdoch executive resigns this morning. rebekah brooks former head of the disgraced tabloid "news of the world" is gone. >>> in southern california, drivers buckling up for carmagedd carmageddon. a bridge demolition that will close down 405, one of california's busiest highways. >>> we begin with the resignation of a key executive in the rupert murdoch media empire. rebekah brooks is out. many people were outraged when brooks kept her job after the newspaper was shut down for scandalous reporting tactics. and as brooks steps down, the investigations ramp up. the fbi now investigating the murdoch empire right here in the united states. lawmakers dema

of the house. obviously, they don't agree on a number of issue.theirbigdifferencesand principle differences. each gentleman was convinced there was a way to reach compromise. we came very close. that involved tough political decisions. it included a willingness to cut deeply in our discretionary spending. a willingness to reinform our entitlement programs and a willingness by republicans to find savings in our pentagon budget and saving tlus tax code to raise revv neufville that is what was on the table. we came very close. and we never walk away from those negotiations. we never issued any ultimatums and we believe that that grand compromise is still available if there is political will to do it. the reason why it ended, we brief, it is politically painful for everybody. the president realized he would take a lot of political heat if we got this grand bargain from his own party. certainly the speaker of the house might have. the president was willing to do that because he thought it was the right thing to do. we implore the speaker and other republicans to be willing to do that as well. lo

into a full-time job and eventually led to her relationship with murdoch. >>> now topotentiallybig, bignewsin washington. debt talks, big news and a very significant step forward today, says president obama, just a short time ago. the president announced the so-called senate gang of six made of members from both parties has floated this new proposal that he, the president, can work with. the bipartisan group had thrown in the towel, ditched an earlier effort to find a debt reduction package okay to both parties and now at this late date 14 days until a potential government default. they're back with a plan that the president says includes deep spending cuts and, yes, also includes tax increases. here's the president. >> here's where we stand. we have a democratic president, an administration that is prepared to sign a tough package that includes both spending cuts, modifications to social security, medicaid, and medicare that would strengthen those systems and allow them to move forward and would include a revenue component. we now have a bipartisan group of senators who agree with that ba

is not succeeding right now because our military istoobig. bythe way, people call it this military, hands off. it's not military. it's defense contractors, welfare for people who make weapons that we don't need. most of our weaponry is ridiculous. it's for fighting the russians in 1978. we don't need that. what would make this country stronger is economics. that's where the future is. that's what makes a country strong. if you're not strong economically, you're not going to be- >> that's where america is increasingly weak by comparison. >> this is one reason. we could solve this debt deficit problem if we do two simple things. tax the rich like they were taxed, not a hell of a lot more, just like under clinton. and bring the troops home. not just from iraq and afghanistan but we have a half a million troops on bases. >> how many do chinese have? >> none, i don't think. >> may have hardly anything, they have no imperialistic ambition. >> this is not the way you achieve it in this world. not the 14th century. >> i was in shanghai. this dinism you felt. this young millionaire, 125,000 millionaires i

to a default or to a downgrade. suzanne? >> that'sabigdeal.alison, it's been really hot. really, really hot this summer. what if your favorite drink disappeared from the stores. here's what is happening in minnesota. their budget crisis might actually turn into a beer emergency for some folks. a beer emergency. because the state has shut down and nobody is there to renew the permits and blue moon, you name them, so, you know, that's what they are dealing with there. you might have to switch to buzz wiser. i don't know what you drink. what do you drink? >> i'll go right to the hard stuff. to tequila. >> oh, geez, that's not supposed to be the solution here. go to the hard stuff. we'll see what happens. we will see what happens. but that's just one of the many things that we're looking at when we talk about this economic crisis that is turning into a beer emergency. alison, don't do that hard stuff. >> all right. okay. >>> here's a reminder to vote for the story you'd like to see. you can cast your vote by texting 22360. text 1 for crack down on china, homemade guns flooding on to the streets

it's global issues. and i want to get to that, but let's talk about some ofthebigissuesright now. jobs, jobs, jobs. it's a crisis, a game of chicken going on in washington right now between the president, the did democrats on one side, republican leadership on the other side. how big of a deal is this august 2nd deadline for raising the debt ceiling? >> well, because i haven't been in government in a long time, i don't know what options the treasury department will have if the debt kreceiling is not lift. my guess is they can pay the bills for a while, after which they won't be able to. so if we let that deadline come and go and we really raise questions about when or political system is mature enough even to pay its bills, i think it's trouble. i realize the idea of voting against raising the debt ceiling has always had great appeal to people. even in good times, a bunch of people vote against raising it because it looks like a free vote. >> when he was senator, president obama didn't vote to raise the debt ceiling. he regrets it now. >> but, you know, when you're not president

and his journalists. most of those calls are from democrats. murdoch isabigbangerof republicans. if more momentum build into probes in the united states or even congressional hearings, there are cautionary tales for lawmakers. reports that the tabloids sometimes turn the tables on those who investigate them. most of those accounts date well to well before this scandal blew up in the media in recent weeks. the watchdog group tells us when british parliamentarians looks into the press a couple years ago he heard of allegations she were discouraged from repeatedly inviting rebekah brooks, one of the top execs, to testify. >> the allegation was, they were told, members of that select committee were told, do not invite her again. do not press this, do not push it, because if you do, you'll regret it, and that was made very clear to them. >> reporter: contacted by cnn, no comment on that allegation. are you concerned they might hit back at you and dig into your personal life or whatever? >> i'm not worried about my personal life nor am i worried about my next term. i've been here 27 y

disingenuous from somebody else. that's aprettybigchipto pull out. and i disagreed with that. and we -- >> what do you mean by that, do you think? >> i think when you understand the material, you understand it. and when you don't get it, you might think that i'm negative towards my own people. >> what also strikes me as strange is that i have met him five or six times on the show, and he has always been unbelievably courteous. comes back, chat, cup of coffee, have a laugh and yet he seems to attract, from all of his competitors, extraordinary amount of antipathy. >> there's not a -- there's not a union of super heroes amongst late night talk show hosts. i just met david letterman really for the first time i did his show. i waited 28 years to do it. i've known conan for a while. i know jimmy fallon, i know jimmy kimmel, i know craig ferguson and to a man, the one thing that we all agree on is that we are not all crazy about jay leno. >> why is that? >> i don't know. i think in our own personal dealings, some people get along and some people don't. >> is he much more competitive than p

political update in the next hour. go to cnn.com/politics. >>> japan notabigsoccercountry. its women's world cup win is huge and happy news there today. their team out-shot the u.s. yesterday. and zain verjee was there, still is there live in frank further. i know we were rooting for the u.s., zain. that was very important to us, but, hey, it couldn't happen to a better team. they needed this for morale. that is for sure. >> reporter: they really did, you know. japan came into this tournament as the big underdogs. nobody expected them to even get to the finals, let alone beat the u.s. they also knocked out sweden. they knocked out germany and it was just absolutely incredible. when they started the match, everyone was saying they have more skill, better possession of the ball, know how to control and pass it. the americans really did a good job, too. it seems the japanese were a little nervous to start off with. the u.s. had possession. they were aggressive. they came hard out of the gate. they were very unlucky. they had a lot of opportunities and just kept missing. just the mistake

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save hundreds! yeah, that'll certainly stick with me. we'll take it.go,bigmoney!i mean, go. it's your break, honey. same coverage, more savings. now, that's progressive. call or click today. >>> 15 days until the treasury says it will run out money. a tea party leader says don't raise the debt seeing and he says president obama is lying about the consequences if we don't. "keeping them honest" about what many republicans believe is central to solving the long-term problem. a constitutional amendment to balance the budget. they vote on "cup, cap and balance." cutting spending to 2004 levels and caps it and freezes it right there and calls for a balanced budget amendment to the constitution. >> all that we ask in this bill is that we simply allow the states to weigh in, should the federal government live under a balanced budget amendment. should they do that? >> i don't understand why people won't vote for the a balanced budget amendment because it's the only discipline that will ever force the politics of washington to meet the responsibilities of washington. >> let's do somethi

resigned a and then the dow jones resigned. and just yesterday,abigapology.he met with the family of a murdered teenager saying he's sorry that his journalists hacked her phone. he apologizes in print, as well, promising reareds that he will make big changes in the company. >>> and now to this side of the pond. the u.s. attorney general orders the fbi to look into whether rupert murdock's employees broke any u.s. laws. let's get straight to susan candiotti. rupert murdock appears before the parliament in just three days to testify. how hot is that seat there and here? >> well, i think it's safe to say that seat will be sizzling. by all accounts, his questioning before parliament can be spec spectacular. he took out full page ads mostly his own, but big block letters saying we are sorry. he signed the ad. his words he's poll gazing for wrongdoing causing hurt and not acting faster to sort things out. so par two top executives are taking the fall, his top editor, rebekah brooks, plur dock has described her as like a daughter to him. she's been in charge of his tabloid news of the wo

high marks and high praise, turns out it was allabiglie.cheating, not by students but by teachers and principals. the one man charged with cleaning it all up joins me next. ok. [ cellphone rings ] hey. you haven't left yet. no. i'm boarding now... what's up? um...would you mind doing it again? last time. [ engine turns over ] oooohhhh...sweet. [ male announcer ] the chevy cruze with the my chevrolet app. the remote control car is finally here. well, now she's just playing with us. oh. [ horn honks ] at liberty mutual, we know how much you count on your car and how much the people in your life count on you. that's why we offer accident forgiveness, man: good job. where your price won't increase due to your first accident. we also offer a hassle-free lifetime repair guarantee, where the repairs made on your car are guaranteed for life or they're on us. these are just two of the valuable features you can expect from liberty mutual. plus, when you insure both your home and car with us, it could save you time and money. at liberty mutual, we help you move on with your life. so get the

,bigorsmall, long term or short, simply is not going to make it through the house of representatives. you may think this is business as usual in washington. two sides pushing a crisis to the brink in order to get the best possible deal for their side. but jessica yellin is reporting that some of her sources are telling her that this is anything but a normal crisis. she joins us now. jessica, thanks. your sources are saying this is becoming an abnormal crisis. what happened today? >> reporter: well, there was a lot of process, sanjay. and a lot of discussion and still no breakthrough is the bottom line. we are less than two days away from the president's self-imposed deadline for a deal and still there is no deal. some on capitol hill, some of even the president's allies are saying this is now in their view time to cut bait and stop going for this big deficit reductions package they've been talking about and just find the easiest path forward to get the debt ceiling raised and worry about deficit reductions at another time. >> you know, it seemed like there was some enthusiasm and som

tonight, the house speaker john boehner i'm told is telling president obama he's open to discussingabigdeficitreduction package, somewhere in the ballpark of $3 trillion over ten years. but first, though, speaker boehner said it's imperative that his members telling him the senate vote first on the house plan, cut, cap, and balance, if it fail fails, then look for th negotiations to continue. >>> key elements of the republican establishment are trying to nudge the hard line conservatives to a compromise. defaulting on our debt is not an option. it has real, immediate, and potentially catastrophic consequences. the ratings agency standard and poor's sent a team to capitol hill saying not raising the debt ceiling would stain america's credit rating and drive up interest costs for everyone. many house conservatives, though, aren't ready to give up and some of them won't budge. they say if there's any new taxes in this deal at the end, they would rather have the first default in american history. >>> in our new cnn/orc poll gives us a fresh sense of what you think. 34% of americans say an

military istoobig. peoplecall it the military and then it's hands off. it's not military. it's defense contractors. most of our weaponry is ridiculous. it's not -- it's for fighting the russians in 1978. we don't need that. what would make this country stronger is economics. that's where the future is. that's what makes a country strong. if you're not strong economically you are not -- >> piers: that's where america is increasingly weak. >> this is one reason. we could solve this debt deficit problem if we would do two simple things. tax the rich like they used to be taxed. not a hell of a lot more, just like they were under clinton and bring the troops home. not just from iraq and afghanistan, but we have half a million troops in bases across the world. >> piers: how many do the chinese have? >> none. they don't have troops. because they know this is not the way you achieve agemny in this world. >> piers: i did a documentary in shanghai recently. fascinating time to be out there. this dynamism that you felt along the city. one frosting young multi millionaire, 125,000 millionaires in

, no increase in the debt ceiling, pay its bills basedonbig-ticket items.that would be interest on the debt. social security, medicare and medicaid, defense spenders. unpemt employment insurance. what you'd get under the big-ticket scenario is a drawing off the line. that's your $172 billion. the government is out of money if you don't increase the debt ceiling. what gets cut? military pay. wouldn't get their checks under this scenario. veterans checks, irs refund. if you're waiting for one you wouldn't get it. nutrition services, foods stamps, wouldn't get paid. federal salaries, education department, other and you heard him mention for reason aide to the palestinians. you have to make the choices and cut it off right here. that's one way. suppose you decided instead we'll put a priority on the social safety net. under this scenario, interest gets paid, social security gets paid, medicare and medicaid and those nutrition services that got cut off last time, you could pay them. housing grants would go out. veterans affairs, unemployment, education and tuition assistance. but under this set

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this is notabigdeal?$800 million of aids has been suspended. >> both sides are working together on a number of things and pakistan is not happy with the pace of delivery of assistance. americans are not happy with the pace of delivery of certain deliverables from pakistan. it happens sometimes. right now because pakistan is a fledgling democracy and everything that happens there hits the media and there's an american domestic political context in which everything becomes an issue because of the way people react to your administration. this has become -- >> the reaction in pakistan to the u.s. decision to suspend at least for now $800 million in promised aid, a spokesman for the pakistani military saying in the past, we have not been dependent -- we have not been dependent on any external support for these operations. and they will. >> in 1999 there was no aid relationship. even though the u.s. and pakistan continued to work together albeit in a limited manner. it's not a good idea. it insults the people of pakistan. >> $800 million is a lot of money that can be used to build schools here in

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